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A consortium led by LG has canceled its $7.8 billion investment in an EV battery supply chain project in Indonesia, citing unfavorable market conditions. This decision reflects a broader industry trend of cautious investment amid a global slowdown in electric vehicle demand. Despite this setback, Indonesia's status as a key nickel producer remains a strategic advantage for future battery manufacturing investments.
In January-February 2025, CATL maintained its position as the leading global EV battery supplier with a 38.2% market share, while BYD followed with 16.9%. Together, they accounted for 55.1% of the total 129.9 GWh of EV batteries installed, reflecting a 40.3% year-on-year increase. Other notable players included LG Energy Solution, SK On, and Panasonic, with shares of 9.8%, 4.7%, and 3.9%, respectively.
In February, China's power battery installations reached 34.9 GWh, marking a 94.1% year-on-year increase but a 10.1% decline from January. CATL led with a 44.45% market share, while BYD's share grew to 23.62% due to a 163.95% rise in NEV sales. LFP batteries dominated the market, accounting for 81.5% of total installations.
General Motors plans to sell its stake in a $2.6 billion electric vehicle battery cell plant in Lansing, Michigan, to joint venture partner LG Energy Solution for approximately $1 billion. This move aims to optimize production amid slower EV demand and uncertainty over federal incentives. Additionally, GM is extending its partnership with LGES to develop prismatic battery cells, enhancing efficiency and reducing costs.
LG Energy Solution, Ltd.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
lg consortium cancels 7.8 billion dollar indonesia ev battery project
04:50 21.04.2025
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